Crocs Shares Slide After Weak Guidance

Crocs Inc. shares slid 1.4% in Wednesday premarket trading after the shoe company announced weak guidance. Crocs second-quarter net income totaled $18.1 million, or 20 cents per share, up from $11.7 million, or 13 cents per share, for the same period last year. The FactSet consensus was 14 cents. Revenue for the quarter was $313.2 million, down from $323.8 million but ahead of the $312.0 million FactSet consensus. The company forecasts third-quarter sales between $230.0 million and $240.0 million. The FactSet consensus is for $247.5 million. Crocs expects full-year revenue to be down in the low-single digits year-over-year due to various business model changes and store closures. Crocs shares are up 18% for the year so far while the S&P 500 index is up 10.6% for the period.